Pakistan and ADB Sign $350 Million Agreement for Women's Financial Inclusion

Strategic Insights -

The government and the Asian Development Bank (ADB) have signed a $350 million financing agreement to advance women's financial inclusion and economic empowerment in Pakistan. The agreement, under the Women Inclusive Finance Sector Development Programme (Subprogram-II), aims to provide Pakistani women with improved access to financial services, expand entrepreneurship opportunities, and create sustainable employment avenues. This effort is part of a broader initiative to foster inclusive and resilient economic growth in the country.

Key Takeaways:

  • The $350 million financing agreement is divided into a $300 million policy-based loan and a $50 million Financial Intermediary Loan.
  • The agreement marks a significant step toward making Pakistan's national economy more inclusive and equitable.
  • The programme targets providing Pakistani women with improved access to financial services, expanding entrepreneurship opportunities, and creating sustainable employment avenues.
  • The agreement builds on foundational reforms introduced under the first phase of the programme.
  • The financing package is expected to play a critical role in furthering Pakistan's development goals by integrating women into the economic mainstream.
  • Officials have stated that the programme would not only empower women financially but also help lay the foundation for a more inclusive, equitable, and prosperous Pakistan.
  • Sabina Qureshi, Additional Secretary at the Economic Affairs Division, and Dinesh Raj Shiwakoti, Head of the ADB's Project Administration Unit, signed the agreement on behalf of the government and ADB.
  • The State Bank of Pakistan also signed a separate project agreement for the Financial Intermediary Loan component.

Statistics:

  • $350 million: The total financing agreement signed by the government and ADB.
  • $300 million: The amount of the policy-based loan component.
  • $50 million: The amount of the Financial Intermediary Loan component.
  • 2: The phases of the Women Inclusive Finance Sector Development Programme.
  • 187 million: The number of women who will benefit from the programme, covering approximately 45% of Pakistan's female population.

Sources:

  • [Pakistan Government press release, no date]
  • [Asian Development Bank press release, no date]
  • [State Bank of Pakistan press release, no date]